Banks fight the CFPA
September 25, 2009 | alternatives, industry | Comments (0)From the story:
“We have no argument that regulation failed. Consumer protection is just one of the many areas where it fell down,” said David Hirschmann, the president of the U.S. Chamber of Commerce’s Center for Capital Markets, which opposes the panel. “It just simply adds a new layer of regulation without fixing … our outdated, broken regulatory structure that was a contributing factor in our crisis.”
The Chamber said it’s spending about $2 million on ads, educational efforts and a grassroots campaign to kill the agency. It said that the grassroots effort has led to more than 23,000 letters sent to Congress to date.
And it steps of the toes of states who traditionally regulate small lenders.
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